After an early morning lift, stocks finally ran into some selling pressure/profit taking. After the powerful rise in share prices over the past 6 trading sessions, it is almost comforting to see the brakes applied- at least for the moment. There was no real catalyst for stocks in either direction which led to a somewhat calm trading session.
By the close, the Dow Jones Industrial Average was down 13 points to finish the day at 26,048. The S&P 500 was down 1 point to close at 2,885. Gold was up $1 to trade at $1,330 per ounce, while oil was up $.07 to trade at $53.33 per barrel WTI.
Today’s CPI number was benign once again and we get the PPI number tomorrow. This lack of inflation, like the weaker jobs reports last week, should feed into the Fed easing narrative which has helped propel stock prices higher over the past week. After today’s breather, let’s see if the bulls grab the momentum back tomorrow.
Have a nice evening everyone.